Greenback gains, Aussie tumbles after weak Chinese data - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Commodities including iron ore slumped on concerns about reduced demand from China, which hurt currencies exposed to the assets, including the Australian dollar.

The New Zealand dollar fell 1.45% to $0.6363. The offshore yuan hit 6.8197, the weakest since May 16, after China’s central bank cut key lending rates in a surprise move to revive demand. Concerns that the Fed tightening will send the economy into recession has also sent US Treasury yields lower. “The Fed is telling us they want to tighten financial conditions and the market has eased them, so the Fed is going to have to drive home its point with a larger rate hike,” said Chandler, adding he expects the US central bank to raise rates by 75 basis points at its September meeting.

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